What does "Up & Down" mean?

Question

Out of the tee box we either hit into the fairway, on the green in reg., but what does "Up & Down" mean?

Answer 1

It means saving par w/o hitting the green in regulation.

Answer 2

It means that you hit a great shot at on your first shot than on your second you hit in the rough. On your third shot you hit on the green. Then you putt in one to save par.

Answer 3

Basically you're hitting it UP from somewhere off the green and onto the green then sinking it DOWN the hole with a one-putt to 'save' par.

If you're one-putting to save par, you've probably had an Up and Down.